National Savings stops profit coupons after August 31, 2022

National Savings stops profit coupons after August 31, 2022

ISLAMABAD: The Central Directorate of National Savings (CDNS) has announced that it will not issue profit for various savings schemes through coupons.

In a public notice, the CDNS said that laws have been amended related to regular income certificates, Behbood Saving Certificates and Pensioners Benefit Account.

READ MORE: Pakistan increases profit rates for saving accounts

According to the amendments, the investors of saving schemes are required to open saving accounts for receiving profits directly to their accounts.

The CDNS advised the investors to visit their nearest national saving branches and open their saving accounts by August 31, 2022.

The national savings said that it will not allow to release profit through coupons.

READ MORE: Pakistan hikes key policy rate by 125 basis points to 15%

Recently, the CDNS has increased profit rates for saving accounts to 13.50 per cent per annum from 12.25 per cent.

According to Arif Habib Limited, the authority announced the increase in profit rates for two schemes.

The profit rate of savings accounts has been increased by 125 basis points to 13.50 per cent from 12.25 per cent.

READ MORE: Pakistan may see further 100bps hike in policy rate

Similarly, the profit rate has been increased for regular income certificates by 24 basis points to 12.60 per cent from 12.36 per cent.

However, profit rates for other schemes are remained unchanged. The profit rates for the other scheme are: Defence Saving Certificate at 12.40 per cent; Behbood Saving Certificate at 14.16 per cent; Special Saving Certificates at 13 per cent; and Pensioner Benefit Account at 14.16 per cent.

READ MORE: SBP increases interest rate by 150bps to 13.75%

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